ORANGE COUNTY EARNINGS : Sales Up, Allergan Nets $35 Million in Quarter
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Allergan Inc., an Irvine provider of eye care and specialty pharmaceutical products, reported first-quarter net income of $35 million, or 51 cents a share, on a 16% increase in sales.
A year ago, the company posted a net loss of $122.2 million, or $1.87 a share, which included a one-time charge of $171.4 million related to its spinoff of Allergan Specialty Therapeutics Inc.
Sales totaled $311.3 million, up from $269.3 million. The company said worldwide sales for the eye care pharmaceutical business rose 28% to $129.4 million in the first three months.
Allergan’s stock rose 6.7%, or $5.94 a share, to $95.
The company also said Eric Brandt has been appointed corporate vice president and chief financial officer. Brandt joins Allergan from the Boston Consulting Group, where he was vice president and partner, and a senior member of the BCG Health Care practice.
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